Mirror of my Telegraph post (published 8:07 PM CT), with a late update added.
Disclosure: I hold $OTC. NFA, DYOR. I'm not affiliated with the team. This is a short follow-up to my Sep 25 afternoon write-up, which covers what the project is in more detail.
Contract (Solana mint): MukLDtJ8Cx9DxLbeyLRSWPSposTMWuwHANbuaudpump
Several unrelated tokens use the OTC ticker. Identify this one by the mint above, never by ticker.
What it is, in two lines #
Per its docs, OTC Desks runs a coin launcher on Solana: creator fees from coins launched through it are claimed and mostly spent on tokenised stocks (e.g. NVDAx, SPYx) paid out to each coin's holders, and part of every fee buys and burns $OTC. It also sells "desk" NFTs whose mint burns OTC. That is the project's own description; I haven't audited the code.
What I re-checked tonight (~8:06 PM CT) #
- Mint authority: disabled. Freeze authority: disabled. Metadata immutable, no transfer fee (RugCheck, Jupiter audit).
- Main pool: PumpSwap OTC/SOL, ~$470K liquidity, LP 100% locked per RugCheck.
- RugCheck: score 1, no risks listed, not flagged as rugged.
- Jupiter: verified. Dev wallet ~0% of supply, one launch.
- Holders: ~18,575 per Jupiter (+3.3% in 24h).
- Project workers still running: the revenue page shows a buyback-and-burn at 8:05 PM CT, and the rewards page a distribution at 7:48 PM CT. Each row links to its transaction.
What changed since this afternoon #
- Price: ~$0.0061, market cap ~$4.2M (it was ~$5.2M at 1:15 PM CT). DexScreener shows −35% over 24h on the main pair, so the slide continued.
- Volume: ~$1.4M in 24h on the main pair, but Jupiter classes only roughly a tenth of total volume as organic.
- Linked wallets: RugCheck's transfer-linked cluster is now ~1,336 wallets holding ~28% of supply (≈25% this afternoon). It may reflect the protocol paying OTC out as a reward asset; I haven't verified that.
- RugCheck "creator" field changed. This afternoon it pointed to a pump.fun fee-config account; tonight it points to a different wallet with two other tiny launches from Sep 7. Its recent transactions I looked at are unrelated swaps, and Jupiter's dev wallet is unchanged. I can't explain the change, so I'm just flagging it.
- Revenue keeps cooling. Per the project's own API, launcher fees were ~263 SOL on Sep 23, ~115 SOL on Sep 24 and ~49 SOL on Sep 25 (UTC days), against a peak of ~6,067 SOL on Sep 8. The buyback currently spends a couple of dozen SOL a day, small next to daily volume.
Risks, plainly #
- Deep drawdown: roughly 83% below the Sep 7 all-time high, with large daily swings.
- Revenue ~99% below its peak. Whether the "several updates" the site banner promises bring launcher volume back is the thing to watch.
- Mostly non-organic volume; Jupiter also flags ~2,100 bot wallets holding ~11.5%.
- Concentration: one unidentified wallet holds ~7.3%; top-10 ~31% including the pool.
- Anonymous team, operator-controlled payout wallets. The terms say payouts can be delayed, reduced or stopped.
- Only the main pool's LP is locked. Side pools are third-party positions.
- Tokenised stock is not stock; reward assets carry their issuers' risks.
Late update (Sep 25, 2026, ~10:47 PM CT) #
- Mint/freeze still disabled, RugCheck score 1, not rugged, main PumpSwap LP still 100% locked (~$471K per RugCheck).
- DexScreener main pair: liquidity ~$468K (≈1,937 SOL + 38.7M OTC), market cap ~$4.19M, price ~$0.00606, 24h volume ~$1.39M, −35% over 24h.
- Jupiter: ~18,402 holders (down from ~18,575 at 8:06 PM CT), verified. Supply ~690.9M (RugCheck).
- Project API: last buyback-and-burn at 10:35 PM CT; launcher fees for Sep 25 (UTC) closed at ~48.9 SOL.
Check it yourself #
- RugCheck and Solscan for authorities, LP and holders.
- DexScreener main pair for price and volume.
- The project's revenue page: click a few transaction links.
Data sources: DexScreener, RugCheck and Jupiter APIs plus otcdesks.cash/api, pulled Sep 25, 2026 around 8:06 PM CT. Numbers move fast; re-check before acting.
Contract: MukLDtJ8Cx9DxLbeyLRSWPSposTMWuwHANbuaudpump
Disclosure: I hold $OTC. NFA, DYOR.